Gaming Innovation Group targets Swedish growth with Magenti Media acquisition

RobinReed

Robin Reed

Oslo-listed Gaming Innovation Group (GIG) continues its acquisition strategy confirming today that it has acquired Swedish-based affiliate marketing network Magenti Media.

GIG is set to take control of Magenti’s industry portfolio which has ‘high-coverage’ positions targeting Swedish casino traffic. GIG governance further detailed that it would incorporate Magenti’s ‘highly experienced’ search engine optimisation team as part of its acquisition.

Acquiring Magenti assets, GIG disclosed that it would pay a total consideration of SEK 47.5 million (£4 million), with SEK 32 million of the deal being settled in a GIG new share issue.

Following a review of Magenti assets, GIG governance concluded that the Swedish network complimented GIG existing operations and affiliate services.  GIG governance expects to increase operating profit by around €1 million on a 12 months rolling basis from completion of the acquisition.

Robin Reed CEO of GIG commented on the acquisition

“We are happy to conclude the acquisition of a growing, high-value affiliate network which will enhance Innovation Labs’ position in referring paying users in the Swedish casino market. In addition to the acquired assets, it is agreed to merge the talents of the companies, bringing in over 10 years of iGaming online marketing experience from Magenti Media. As we are building out our distribution channel for the top performing brands in the industry, we need the best people available to deliver even more quality online resources for end-users.”

The acquisition of Magenti Media is till ssubject to a satisfactory due diligence and is expected to be finalised by in May 2016.


Source: SBC News

Tags: